Ammunition Market Size, Share, Growth Analysis, By Small Ammunition Product(Rimfire, and Centerfire), By End-use(Civil & Commercial, and Defense), By Region - Industry Forecast 2024-2031

In 2023, North America, with a revenue share of approximately 13.4% held the position as the second-largest market for ammunition. The region's market is driven by a combination of factors, including the growing threat of terrorism and the presence of lenient gun laws, which contribute to increased consumption of bullets. The rise in sports and hunting activities acts as a significant factor for market expansion in North America. The United States, in particular, plays a crucial role in driving the bullets market in the region due to its high demand. The increased defense budget in North America also heavily influences the market, as it supports the procurement of ammunition. The long-term competitive strategy of the U.S. Department of Defense, focusing on the development of new technologies and warfare concepts, is expected to further boost market growth in the region. 

Europe is dominating the global ammunition market with a substantial revenue share of 70.8 and further projected to continue so during the forecast period as well. The European market is influenced by government directives on firearms possession, regulations for the supply of firearms in a single market, and protocols against manufacturing and trafficking of firearms. The European defense system has faced challenges in managing the influx of refugees from the Middle East and Syria, which has added to security concerns and the need for ammunition. The region has also experienced a threat of terrorism, further driving the demand for ammunition. Considering these factors, the ammunition market in Europe is expected to strengthen in the forecast period. The emphasis on security and defense measures by European countries will continue to drive the market's growth and present opportunities for ammunition manufacturers and suppliers in the region.